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452 STANDARDS FOR REAL ESTATE TRANSACTIONS (CONTINUED)
<br /> 45s which shall end on a Saturday, Sunday, or a national legal holiday (see 5 U.S.C. 6103) shall extend to
<br /> 5 :00 p.m .
<br /> 464 (where the Property Is located) of the next business day. Time is of the essence Iry this Contract.
<br /> 45s G. FORCE MAJEURE: Buyer or Seller shall not be required to perform any obligation under this Contract or be
<br /> 45a liable to each other for damages so tong as performance or non-performance of the obligation is delayed, caused or
<br /> 457 prevented by Force Majeure. "Force Majeure" means: hurricanes, earthquakes, floods, fire, acts of God, unusual
<br /> 4sa transportation delays, wars, insurrections, ads of terrorism , and any other cause not reasonably within control
<br />of
<br /> 459 Buyer or Seller, and which , by exercise of reasonable diligent effort, the non-performing party is unable in whole or in
<br /> Oso part to prevent or overcome. All time periods, including Closing Date, will be extended for the period that the Force
<br /> ` 461 Majeure prevents performance under this Contract, provided , however, If such Force Majeure continues to prevent
<br /> asppier " rmance under tni§7 U�0n5ore than 1 iV ays eeyybnn osing"lsafe;-frten a er party+may rmrnafe"fTiis
<br /> 461 Contract-by delivering written notice to the other and the Deposit shall be refunded to Buyer, thereby releasing Buyer
<br /> 4a4 and Seller from all further obligations under this ContracL
<br /> 46s H. CONVEYANCE: Seller shall convey marketable title to the Real Property by statutory warranty, trustee's,
<br /> 4ss personal_ representative's, or guardian's deed, as appropriate to the status of Seller, subject only to matters desciibed
<br /> 4sT in STANDARD A and those accepted by Buyer. Personal Property shall, at request of Buyer, be transferred
<br /> by
<br /> 4158 absolute bill of sale with warranty of title, subject only to such matters as maybe provided for in this Contract.
<br /> 469 L CLOSING LOCATION; DOCUMENTS; AND PROCEDURE:
<br /> 47o (I) LOCATION: Closing wilt take place in the county where the Real Property is located at
<br /> the office of the
<br /> 471 attorney . or other closing agent ("Closing Agent') designated by the party paying for the owner's policy
<br /> of title
<br /> 472 insurance, or, if no title insurance, designated by Seller. Closing may be conducted by mail or electronic means.
<br /> 473 (1) CLOSING DOCUMENTS: At Closing, Seller shall furnish and pay for, as applicable, deed, bill of sale,
<br /> 474 certificate of title, construction Gen affidavit, owner's possession affidavit, assignments of leases, and
<br />corrective
<br /> 47s instruments. Seller shall provide Buyer with paid receipts for all work done on the Property pursuant to this Contract
<br /> 4.7s Butner shalt furnish and pay for, as applicable, mortgage, mortgage note, security agreement, financing statements,
<br /> 477 survey, base elevation certification, and other documents required by Buyers lender.
<br /> 47B t7 PROCEDURE: The deed shall be recorded upon COLLECTION of all dosing funds. If the Title
<br /> 479 Commitment provides insurance against adverse matters pursuant to Section 627,7841 , F.S., as amended, the
<br /> Oso escrow closing procedure required by STANDARD J shall be waived, and Closing Agent shall, subject
<br />to
<br /> 4a1 COLLECTION of all closing funds , disburse at Closing the brokerage fees to Broker and the net sale proceeds to
<br /> 482 Seller.
<br /> 4es J. ESCROW CLOSING PROCEDURE: if Trde Commitment issued pursuant to Paragraph 9(c) does not provide
<br /> 4s4 for insurance against adverse matters as permitted under Section 627.7841 , F.S., as amended, the following escrow
<br /> 485 and closing procedures shall apply: (1 ) all Closing proceeds shall be held in escrow by the Closing Agent for a period
<br /> 4es of not more than 10 days after Closing; (2) if Sellers tide is rendered unmarketable, through no fault of Buyer, Buyer
<br /> 4a7 shall, within the 10 day period, notify Seller in writing of the defect and Seller shalt have 30 days froXn date of receipt
<br /> ase . . of.suc17_rsotit3r ton .to tuT,9J te...cj_ef_MA_ (3) .If SelJff fads. to ttmvJy_cure. the_cjefg�,_�g. tZeposlL��d sill!. �l�g .fund_s.. .
<br /> 4B9 paid by Buyer shall, within 5 days after written demand by Buyer, be refunded to Buyer and, simufiarteously
<br />vnth
<br /> Oso such repayment, Buyer shall return the Personal Property, vacate the Real I Property and re-convey the Properly to
<br /> 491 Seller by special warranty deed and bill of sale; and (4) if Buyer falls to make timely demand for
<br /> refund of the
<br /> 492 Deposit, Buyer shall take title as is, waiving all rights against Seiler as to any intervening defect except as may
<br /> be
<br /> 49a availabigto Buyer by virtue of warranties contained in the deed or bill of sale.
<br /> ase K. PROLZATlQNS; CREDITS: The following recurring items will be made current (if applicable) and prorated as of
<br /> 49s the day prior to Closing Date, or date of occupancy if occupancy occurs before Closing Date: real estate
<br /> taxes
<br /> ass (including special benefit tax assessments imposed by a CDD), interest, bonds, association fees, insurance, rents
<br /> 487 and other expenses of Property. Buyer shall have option of taking over existing poricies of insurance, if assumable, in
<br /> 49a which event premiums shall be prorated_ Cash at Closing shall be increased or decreased as may be required by
<br /> 4w proration to be made through day prior to Closing. Advance rent and security deposits. if any, will be credited
<br />to
<br /> soo Buyer. Escrow deposhs heli by Sellers mortgagee will be paid to Seller. Taxes shall be prorated based on current
<br /> sol year's tax with due allovmnce made for maximum allowable discount, homestead and ¢ther .exemptions_ If Closing
<br /> sot .occurs on a date . viben ..current .yearm
<br /> 's _millage _ is . not -fixed but . cuent. .year`s ..assessment .is ..available, .taxes .willbe.
<br /> cos prorated based upon such assessment and prior year's millage, If current year's assessment is not available, then
<br /> w4 taxes will be prorated on prior years tax If there are completed improvements on the Real Property by January 1st of
<br /> sos year of dlosing, which Improvements were not in existence on January 1st of prior year, then taxes shag be prorated
<br /> sw based upon prior year's millage and at an equitable assessment to be agreed upon between the partles, failing which,
<br /> sal request shall be made to the County Property Appraiser for an informal assessment taking into account available
<br /> soa exemptfdns. A tax proration based on an estimate shall, at either party's request, be readjusted upon
<br /> receipt of -
<br /> so9 current year's tax bill. This STANDARD K shall survive Closing.
<br /> 5io L. ACCESS TO PROPERTY TO CONDUCT APPRAISALS, INSPECTIONS, AND WALK-THROUGH: Seiler shall,
<br /> s11 upon reasonable notice, provide utilities service and access to Property for appraisals and ins ections, including a
<br /> Buyer's initials' _ Page 9 of 11 8elter's Inilials
<br /> FloridaRea1tors/Fl0N$ B9rA Rev. 6!70 02010 Florida ReactorsO and The Florida Bar. Allrign% reserveO.
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